Space

RKLB

「Heavy launch + orbital dominance — Neutron's first flight is the rerating event.」

Space

SPCX

「Orbit + vertical stack — Starlink's compute layer is the physical-AI backbone.」

AI Models & Applications

OPENAI

「Global distribution is proven; the $852B valuation still needs margin and compute-efficiency proof.」

AI Models & Applications

ANTHROPIC

「Growth is proven; the $965B valuation is a bet on profit realization, not model leadership alone.」

AI Models & Applications

PLTR

「Crossing the Rule-of-120 threshold reshapes the valuation anchor — a long-term story.」

AI Infra

NBIS

「MSFT's $5B order locks in the seller-of-compute thesis with operating leverage.」

AI Infra

NVDA

「GTC 2026 isn't a keynote — it's the blueprint of physical-world AI infrastructure.」

Chips

MRVL

「After Jensen's nod — pricing the custom-ASIC + optical optionality, but already rich.」

Quantum

QNT

「480x P/S on day one — a call option on the 2029 fault-tolerant roadmap.」

Memory

000660.KS

「Q1 standalone profit up 4× — HBM orderbook locked through 2026.」

Memory

005930.KS

「Profit up nearly 8× YoY — from laggard to the second pillar of HBM.」

Memory

MU

「The third pillar of HBM and the AI-memory super-cycle — an epic quarter reset the valuation anchor.」

Healthcare

HIMS

「DTC healthcare model proven — the watch is GLP-1 expansion and the NVO standoff.」

E-commerce

PDD

「Growth slowed by Temu's overseas friction — but the underlying model still stands.」

Internet

0700.HK

「Earnings steady, sentiment rerated first — HK tech's two legs aren't equal.」

Internet

AMZN

「AWS holding pace — retail-margin runway is far from exhausted.」

Consumer

600519.SH

「The starting point for baijiu — financial quality is the first principle.」